Peter Drucker once wrote defining marketing, “Marketing aims to know and understand the customer so well that the product or service fits him and sells itself. Ideally, marketing should result in a customer who is ready to buy.
All that should be needed is to make the product or service available.”
Simply marketing is about identifying and meeting human and social needs for profits.
Scope of Marketing
Scope of Marketing – MARKETING MANAGEMENT TASKS
- Creating value.
- Communicating value.
- Creating successful long-term growth.
- Delivering value.
Scope of Marketing – MARKETING PROCESS
Create value for customers and build customer relationships
- Understand the marketplace and customer needs and want.
- Design a customer-driven marketing strategy.
- Construct an integrated marketing program that delivers superior value.
- Build profitable relationships and create customer delight.
- Capture value from customers to create profits and customer equity.
Marketing Tools
- Research customer & marketplace.
- Managing marketing information and customer data.
- Select customers to serve ‘’Market segmentation and targeting’’.
- Decide on a value proposition, differentiation and positioning.
- Building strong brands ‘’Product and service design’’.
- Pricing ‘’Creating real value’’.
- Distribution ‘’Managing demand and supply chain’’.
- Promotion ‘’Communicate the value proposition’’.
- Customer relationship management.
- Partner relationship management.
Marketing Value proposition:
- Increases visibility of your brand.
- Develops lasting relationships with your audience.
- Improves brand awareness and recognition.
- Creates loyalty and trust, with both your current customers and prospects.
- Helps you to build authority and credibility.
- Positions your business as an expert in your industry.
- Generates trafic to your site to improve lead generation.
- Opens a channel of communication through social shares and comments.
- Helps your customer move through the purchase decision more quickly.
- Provides value with no strings attached.
